Capriles vs Chavez: What's at Stake in Venezuela's Presidential Election

"There wouldn't be confrontation with countries that are currently allied with Venezuela," Olaguer said, "but the objectives of those relationships would change."

Chacón added that if Capriles won the election, he would likely revise Venezuela's relations with Iran and Russia as well, but may also keep economic ties with those countries if they are mutually beneficial.

In the security realm, neighboring Colombia and the United States have tried to work with Venezuela to capture drug traffickers and confront Colombian rebels, who have allegedly found sanctuary in Venezuela.

The U.S. has had a tough time securing Venezuelan cooperation in this field, due to ideological differences with President Chávez, Colombian President Juan Manuel Santos on the other hand, has painstakingly improved the relationship with Chávez and his government, which recently captured a top Colombian drug trafficker on Venezuelan soil.

Santos has said he is neutral in the Venezuelan election. A wise move to make, considering President Chávez's strong stance against foreign intervention in Venezuela's affairs.

But recently Santos held a 15 minute meeting with Capriles in Bogota, which was widely reported on in local media outlets. "Why would he risk the relationship with Chávez, for such a brief meeting," Chacón wondered out loud during our recent conversation. Santos is known for being a clever politician and knowing how to pick his friends. Perhaps he senses that change is coming to Venezuela.

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